New Delhi, Nov 17 (IANS) Employment services major Manpower Inc Monday said Indian job market will shrink by around five percent because of cost-cutting measures of the companies in the face of a global economic downturn.”India will face five percent downsizing as compared to 15-20 percent job cuts by businesses worldwide,” Manpower chairman and chief executive officer Jeffrey A. Joerres told reporters here on the sidelines of the World Economic Forum-India Economic Summit.

Manpower is a Canada-based employment agency, which has provided job placements to about 21,000 people in India and around five million globally to almost 400,000 of its clients worldwide.

Joerres said the job market in the IT enabled services (ITeS) segment has been affected most while other segments are still doing good.

The employment agency has directly suffered due to the slowdown in the job market and Jorress said the company’s revenue may go down in fourth quarter.

“Globally our business is anticipated to receive three-four percent dent in revenues,” he said.

Calling the downsizing “inevitable” in the deteriorating economic situation, Joerres said the companies in the US and Europe may go for a two-week holiday shutdown.

The $21-billion Manpower grew 60-70 percent in India last year and expects to retain its growth.